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IRS Prepares for End of Paper Coupons

Friday, Aug 20 2010
Tax
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IRS LogoWASHNGTON - The Internal Revenue Service has issued proposed regulations to eliminate rules for making federal tax deposits by paper coupon since that system is coming to an end after December 31. Deposits will then all be made through the Electronic Federal Tax Payment System via computer or telephone.

Some businesses that pay minimal taxes can make payments via a related tax return instead of using EFTPS. Dollar thresholds and other requirements are n the proposed regulations. Enrollment information for EFTPS can be found at www.eftps.gov or by calling customer service at (800) 555-4477.

With EFTPS, filers can schedule dates for making payments up to 120 days in advance of the desired payment date.

Additional Information can be found in the following:

Publication 4132, which explains the process of enrolling and paying via the Internet
Publication 966, The Secure Way to Pay Your Federal Taxes for Businesses and Individuals
Publication 4169, Tax Professional Guide to Electronic Federal Tax Payment System
Publication 4320, EFTPS Toolkit, which contains PDF(s) and descriptions of EFTPS educational materials and their intended target audience, and is for use by tax professionals and financial institutions to assist in educating their clients on the benefits of EFTPS.
Publication 4275, Express Enrollment for New Businesses
Electronic Payment Options Home Page

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